REDCO HEALTHY (02370) Issues Profit Warning, Expects Interim Net Loss Not Exceeding RMB 2 Million, Turning from Profit to Loss Year-on-Year

Stock News08-20

REDCO HEALTHY (02370) announced that the Group expects to record a net loss not exceeding RMB 2 million for the six months ended June 30, 2025, compared to a net profit of approximately RMB 7.7 million for the six months ended June 30, 2024.

The decrease in net profit was primarily attributable to reduced revenue from property management services due to the continued downturn in China's real estate industry, which resulted in a decrease in the Group's total gross floor area under management for the six months ended June 30, 2025 compared to the same period in 2024; value-added services provided to non-owners, particularly sales office property services provided to Redco Properties Group Limited (Redco Properties, the Company's controlling shareholder, whose shares are listed on the Stock Exchange (01622)), due to fewer projects delivered by Redco Properties; and community healthcare services, as the procurement volume of healthcare service cards sold by Redco Properties to its property buyers decreased for the six months ended June 30, 2025 compared to the same period in 2024.

Additionally, considering the credit risk and financial condition of related parties and third parties in China's real estate industry, the Group made increased impairment provisions for trade receivables from third parties and related parties for the six months ended June 30, 2025.

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